Question : The demand for a good is said to be inelastic when the price elasticity of demand is:

Option 1: Less than 1

Option 2: Equal to 1

Option 3: Greater than 1

Option 4: Undefined

Question :  If the price elasticity of demand for a good is greater than 1, the demand is:

Option 1: Elastic.

Option 2: Inelastic.

Option 3: Unit elastic.

Option 4: Perfectly inelastic.

Question : When the price elasticity of demand is greater than 1, the demand is:

Option 1: Inelastic

Option 2: Unitary elastic

Option 3: Perfectly elastic

Option 4: Elastic

Question : The price elasticity of demand for a perfectly elastic demand curve is:

Option 1: 0

Option 2: 1

Option 3:  Greater than 1

Option 4: Infinite

Question : The price elasticity of demand is perfectly inelastic when it is:

Option 1: -1

Option 2: 0

Option 3: 1

Option 4: Infinity.